AKRON,
Ohio, July 7, 2023 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or
"our company"), a leading technology-driven
cryptocurrency mining company, today announced that it
received a letter from the New York Stock Exchange (the "NYSE"),
dated June 9, 2023, notifying the
Company that it was not in compliance with applicable market
capitalization and equity criteria (the "Market Cap and Equity
Criteria") in the NYSE's continued listing standards because, as of
June 8, 2023, the Company's (i)
average total market capitalization was less than $50 million over a consecutive 30 trading-day
period, and (ii) last reported stockholders' equity as of
March 31, 2023 was less than
$50 million.
In accordance with procedures in the NYSE's Listed Company
Manual, the Company has 90 days following its receipt of the notice
to submit a business plan to the NYSE that demonstrates how the
Company intends to regain compliance with the Market Cap and Equity
Criteria within 18 months of receipt of the notice. The Company
intends to develop and submit such a business plan to the NYSE. The
business plan will then be reviewed for final disposition by the
NYSE.
If the NYSE accepts the plan, the Company will be subject to
quarterly monitoring for compliance with the business plan. If the
NYSE does not accept the business plan, the Company will be subject
to suspension and delisting procedures.
Notwithstanding the foregoing, the NYSE will promptly initiate
suspension and delisting procedures with respect to a company that
is determined to have an average market capitalization of less than
$15 million over a consecutive 30
trading-day period.
The notice has no immediate impact on the listing of the
Company's American Depositary Shares ("ADSs"), which will continue
to be listed and traded on the NYSE, subject to compliance with
other NYSE continued listing standards and other rights of the NYSE
to delist the ADSs. The Company is currently in compliance with all
other NYSE continued listing standards. The NYSE notice does not
affect the Company's business operations, its U.S. Securities and
Exchange Commission reporting requirements, or its contractual
obligations.
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term
strategy to create value across the cryptocurrency
industry. Its business covers cryptocurrency mining,
mining pool, data center operation and mining machine
manufacturing. The Company owns the world's top blockchain browser
BTC.com and the comprehensive mining pool business operated under
BTC.com, providing multi-currency mining services including BTC,
ETC and LTC. The Company also owns a 7-nanometer
cryptocurrency mining machine manufacturer, Bee
Computing, enabling the Company's self-efficiency through vertical
integration with its supply chain.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
in the forward-looking statements. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited